Group 1 - Livermore Securities indicates that Shanghai Zhida Technology Development Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is Shenwan Hongyuan Hong Kong [1]

Group 1 - Shanghai Zhida Technology Development Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is Shenwan Hongyuan [1]

Core Viewpoint - The article discusses the collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent to explore innovative financial solutions for the high-quality development of the cultural tourism industry in Jiangxi Province, focusing on the feasibility of issuing REITs for a specific scenic area [1][6]. Group 1: Exploration of Asset Securitization - The seminar emphasized the creation of quality cultural tourism assets, analyzing the logic and operational pathways for REITs projects [2]. - Digital tools are proposed to address the challenges of revitalizing existing assets, utilizing big data to analyze visitor consumption habits and preferences, thereby optimizing project layouts and service offerings [2]. - A digital asset trading platform is suggested to attract more social capital, facilitating effective investments and promoting industry upgrades [2]. Group 2: Highlighting Quality Assets - Local tourism asset managers presented the achievements of key scenic areas, which maintain high visitor traffic and have established a stable revenue system [3]. - The goal is to create a "phenomenal cultural tourism IP," continuously enhancing service quality and contributing to the local tourism industry's development [3]. - Digital management methods, such as smart navigation systems and visitor flow monitoring, are being actively introduced to improve visitor experience and operational efficiency [3]. Group 3: Operational Strategy - Qikuo Intelligent outlined a dual-driven strategy of "heavy assets + light assets" for tourism asset operations [4]. - In the heavy asset sector, professional valuation of quality assets with mature cash flows will be conducted, focusing on long-term operational planning [4]. - The light asset sector aims to adopt successful experiences from large theme park IP operations, enhancing asset yield through brand effect and digital marketing strategies [4]. Group 4: Deepening Cooperation - The discussion marks a deeper, pragmatic phase of collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent [6]. - The securities firm aims to continue acting as a bridge for financial institutions, fostering a close cooperation mechanism to explore innovative models of industry-finance integration [6]. - The goal is to transform Jiangxi's tourism resources into developmental advantages, promoting sustainable high-quality growth in the local tourism industry [6].

Group 1: A-share IPO Market Overview - The number of new A-share IPOs in the first half of 2025 is expected to be 40, a year-on-year increase of 33.3%, but only 16.3% of the 245 IPOs in the first half of 2021 [1] - The total fundraising amount for A-share IPOs in the first half of 2025 is projected to be 32.75 billion yuan, which is only 15.5% of the 210.96 billion yuan raised in the same period of 2021 [1] - The current IPO issuance remains at a low level, with the absolute number of IPOs in 2025 being the lowest in five years [1] Group 2: Changes in Investment Banking Focus - Many securities firms are shifting towards enhancing comprehensive financial service capabilities and transforming into comprehensive financial service providers [3] - Companies like CITIC Securities and CICC are focusing on serving key clients related to national strategic initiatives and expanding their coverage of quality enterprises [3] - The trend in investment banking emphasizes the importance of professional capability enhancement and risk prevention [3] Group 3: Small and Medium-sized Securities Firms - Smaller securities firms are focusing on niche businesses that align with local industry needs, such as expanding debt business in specific regions [4] - There is a noticeable shift in the A-share IPO landscape, with regulatory support for technology companies and a reduction in the number of companies waiting for IPO approval [4][5] Group 4: Hong Kong IPO Market Dynamics - The Hong Kong IPO market is experiencing a significant recovery, with 42 IPOs in the first half of 2025 raising approximately 106.7 billion HKD, a year-on-year increase of about 708% [5] - The Hong Kong Stock Exchange has introduced reforms to attract more mainland companies to list, including allowing unprofitable tech companies to go public [5][6] - The competitive landscape for IPO sponsorship in Hong Kong is shifting, with Chinese securities firms gaining a stronger position [6] Group 5: Cross-border Capital Operations - Securities firms are actively expanding their cross-border capital operations, focusing on Hong Kong equity financing and overseas debt markets [6] - Companies are enhancing their cross-border service capabilities by collaborating with foreign institutions and developing cross-border business talent [6] - The anticipated increase in A-share companies listing in Hong Kong is expected to boost the revenue of leading investment banks in the region [6]

服务站揭牌仪式之后，公司与徐汇区商务委员会、徐汇资本、农行徐汇支行等联合主 办了徐汇企业香港上市培训活动，并邀请香港联交所上市服务相关负责人深入解读香 港IPO上市政策，系统阐释上市规则、流程及政策红利，为企业赴港上市明晰路径，与 会企业反响热烈。 7月15日，"申万宏源上市服务站（模速空间融资服务中心）"在徐汇"模速空间"正式 挂牌，申万宏源证券执行委员会成员、投行委主任张翼飞与徐汇区商务委相关负责人 共同为服务站揭牌。上海"模速空间"创新生态社区暨人工智能大模型产业生态集聚区 是全国首个大模型专业孵化和加速载体。"申万宏源上市服务站（模速空间融资服务中 心）"的设立与挂牌，是申万宏源做好科技金融文章，加强对科技产业金融服务的重要 举措。 未来，申万宏源将充分借助境内外市场互联互通的机遇，服务国家科技创新战略，服 务上海、香港两大国际金融中心的建设，为推进金融高水平对外开放、推动金融强国 建设贡献力量，以专业的综合金融服务，陪伴更多优质科技企业实现跨越式发展。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 张翼飞在揭牌仪式致辞中指出，申万宏源近年来充分利用全平台优势， 推进国际化及境内外一体化战略 ...

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Penghua CSI Photovoltaic Industry ETF Fund, highlighting its tracking objectives and recent financial results. Fund Overview - Fund Name: Penghua CSI Photovoltaic Industry ETF Initiated Link Fund [2] - Fund Manager: Penghua Fund Management Co., Ltd. [6] - Fund Custodian: Shenwan Hongyuan Securities Co., Ltd. [7] - Total Fund Shares at Period End: 43,910,128.34 shares [2] - Investment Objective: The fund aims to closely track the target index with a daily tracking deviation of less than 0.35% and an annualized tracking error of less than 4% [2][3]. Investment Strategy - The fund primarily invests in the Penghua CSI Photovoltaic Industry ETF to achieve close tracking of the target index [3]. - The fund may invest in index constituent stocks and alternative stocks to better track the index [4]. - The fund employs a replication method to construct its investment portfolio based on the composition and weight of the target index [4]. Financial Performance - The report period covers from April 1, 2025, to June 30, 2025 [1]. - A Class Share Profit: -447,324.41 RMB, with a net value growth rate of -0.0418 [13]. - C Class Share Profit: -1,165,098.20 RMB, with a net value growth rate of -0.0457 [13]. - I Class Share Profit: -102.10 RMB, with a net value growth rate of -0.0281 [13]. - The fund's performance over the past three months shows a net value growth rate of -5.39% for A Class, -5.42% for C Class, and -5.41% for I Class, compared to a benchmark growth rate of -6.07% [21]. Market Context - The photovoltaic sector experienced a surge in domestic installations, with May's new installations reaching 92.92 GW, the highest monthly record [20]. - The report indicates that the supply side still faces pressure, and government reports emphasize the need to address "involution" competition [20]. Risk Management - The fund utilizes hedging strategies with liquid and actively traded index futures to improve investment outcomes [5]. - The fund's tracking error is influenced by factors such as fund positioning, large subscriptions and redemptions, and adjustments to constituent stocks [20].

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2025年面向專業投資者非公開發行短期公司債券（第一期）在深圳證券交易所掛牌轉讓 的公告》，僅供參閱。 董事長 劉健 北京，2025年7月17日 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-49 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於申萬宏源證券有 限公司2024年面向專業投資者公開發行短期公司債券（第一期）（品種二）本息兌付並摘牌的公 告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-48 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 202 ...

申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业投资者 非公开发行短期公司债券（第一期）在深圳证券交易所 挂牌转让的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-49 申万宏源集团股份有限公司董事会 二〇二五年七月十七日 公司所属子公司申万宏源证券有限公司 2025 年面向专业投资者 非公开发行短期公司债券（第一期）（以下简称"本期债券"）发行工 作于 2025 年 7 月 10 日完成，本期债券发行规模人民币 26 亿元，分 两个品种，其中品种一发行规模人民币 13 亿元，期限 92 天，票面利 率 1.57%；品种二发行规模人民币 13 亿元，期限 183 天，票面利率 1.63%。（相关情况请详见公司于 2025 年 7 月 12 日在《中国证券报》 《证券时报》《上海证券报》和巨潮资讯网 www.cninfo.com.cn 上刊 登的公告） 经深圳证券交易所审核，本期债券定于2025 年7月17日起在深圳 证券交易所挂牌转让，面向专业 ...